I’m trying to get a heloc for my rental property. My problem is I’m a self employed and I filed a little loss last year but next year I will file for profit. The questions;1. Are there any banks out there that need just 1 year tax return. If so do you have a list? 2. If I submit 2 years return, one with little loss and another show profit, how the banks calculate my income? Average them out or consider the improvement?
Thank you guys.
Unfortunately not in this current lending environment which has gone back to standard underwriting guidelines that were ignored for the past 5 to 7 years.
At this point being self employed you will need to show 2 to 3 years of tax returns and must also show profits for those years.
The only way that you can possibly get around this requirement would be:
Find a Private Lender - but PL’s usually do not give credit lines
Obtain a Line of Credit using other assets you own such as investment portfolios as collateral
Because of your situation, IMHO you are not going to find any options for a HELOC or other type of Line of Credit unfortunately. Also cash out refinancing will be out of the questions because of underwriting requirements in place with 1st mortgages now.